Inter-Bank Forex Market Gets $210 Million Boost from Central Bank

The Central Bank of Nigeria (CBN) has again intervened with the sum of $210 million to sustain liquidity in the inter-bank foreign exchange market.

Figures released by the apex bank today, Wednesday, showed that authorized dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100 million while those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million. Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.

The bank’s Director in the Corporate Communications Department, Isaac Okorafor, who confirmed the transactions, reiterating that the bank will continue to ensure the availability of foreign exchange in order to ensure continued stability in the markets.

In its last Thursday, intervention the apex bank injected the sum of $254.8million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.